Accounts SDFI
Note on accounting principles for the accounts on a cash basis
The Norwegian state holds substantial ownership interests in oil and gas resources, equivalent to about 30 per cent of Norway’s overall oil and gas reserves, as well as in key gas infrastructure on the Norwegian continental shelf (NCS), through the State’s Direct Financial Interest (SDFI). These ownership interests are managed by Petoro AS.
The annual accounts for the SDFI have been prepared and presented in accordance with detailed guidelines stipulated in the Provisions on Financial Management in Central Government (“the Provisions”). The accounts accord with the requirements in Section 3.4 of the Provisions and more detailed provisions in circular R-115 of November 2025 from the Ministry of Finance, with the exceptions that apply for the SDFI, as well as Section 7 of the Appropriations Regulations.
The presentation of reporting to the appropriation accounts and general ledger accounts is prepared on the basis of Section 3.4.2 of the Provisions, the basic principles for the annual accounts:
a) the accounting year matches the calendar year
b) the accounts present all expenses and revenues for the accounting year
c) the accounts are prepared in accordance with the cash basis
d) expenses and revenues are shown gross in the accounts
The reporting presentations of the appropriation accounts and general ledger accounts are prepared on the basis of the same principles, but are grouped in different charts of accounts. These principles correspond with requirements in Section 3.5 of the Provisions on how enterprises shall report to the government accounts. The item “net reported to appropriation accounts” is identical in both presentations.
Pursuant to the requirements in Section 3.7.1 of the Provisions, the enterprise is affiliated with the government’s group account scheme for state-owned enterprises in Norges Bank.
Appropriation reporting
The presentation of reporting to the appropriation accounts comprises an upper section with the appropriation reporting and a lower section, which shows the enterprise’s listed balances in the capital accounts. The appropriation reporting presents accounting figures reported by the enterprise to the government accounts. These are posted in accordance with the chapters and items in the appropriation accounts the enterprise has at its disposal. The column “Total allocation” shows what the enterprise has at its disposal in the letter of assignment for each government account (chapter/item). The presentation also shows all financial assets and liabilities entered against the enterprise in the government’s capital accounts.
The SDFI receives annual appropriations from the Storting. No authorisations have been received or issued to charge from/to chapters/items in other undertakings.
General ledger accounts report
The general ledger accounts report is formatted with an upper part which shows what has been reported to the government accounts in accordance with the standard chart of accounts for state-owned enterprises and a lower part which presents assets and liabilities included in the open account with the state. The general ledger accounts report presents accounting figures reported to the government accounts in accordance with the standard chart of accounts for state-owned enterprises. The general ledger accounts report is largely drawn up in accordance with methodology from the Norwegian Agency for Public and Financial Management (DFØ), with a few adaptations for special circumstances surrounding the SDFI (see first paragraph of the principle note).